The ING Fixed Rate Home Loan offers a competitive fixed rate and no ongoing fees.
The ING Fixed Rate Home Loan can be fixed for terms of one to five years. You can save on ongoing loan fees and take advantage of a range of features to help you pay off your mortgage sooner.
Split loan special offer
Split your fixed rate loan with the ING Orange Advantage Loan and receive a 0.10% discount on your interest rate as well as waiving of your application fee.
Note that the Orange Advantage comes with an annual fee. For more information please check out our review of the Orange Advantage Home Loan.
Terms and conditions may apply.
| Product Name | ING Fixed Rate Home Loan |
|---|---|
| Interest Rate Type | Fixed |
| Comp Rate^ (p.a.) | |
| Maximum Loan Term | 30 years |
| Maximum LVR | 80% |
| Maximum Insured LVR | 95% |
| Mortgage Offset Account | No |
| Mortgage 100% Offset | No |
| Loan Redraw Facility | No |
| Split Loan Facility | Yes |
| Fixed Interest Option | Yes |
| Loan Portable | Yes |
| Suitable for Investment | Yes |
| Extra Repayment | Yes |
| Available as equity loan/line of credit | No |
| Repayment Type | Principal & Interest |
| Application Fee | $499 |
|---|---|
| Lender's Legal Fee | $0 |
| Ongoing Fees | $0 p.a. |
| Settlement Fee | $299 |
| Discharge Fee | $250 |
Pros
- $0 ongoing fees.
- Make additional repayments up to $10,000 per settlement anniversary before incurring fees.
Cons
- $499 application fee.
- $250 discharge fee when you close out your home loan.
- No offset account.
Things to consider about the ING Fixed Rate Home Loan
This loan is available for owner occupiers or investors. It offers an online banking feature that helps you view your minimum monthly repayments. You can even view your next repayment date and even check or change your debit amount.
Features of the ING Fixed Rate Home Loan
- No ongoing fees. This loan has no monthly or annual fees, but keep in mind that if combining your rate with the Orange Advantage you may need to pay annual fees for this part of the loan.
- Additional repayments. You are allowed to make up to $10,000 in additional repayments on your loan’s settlement anniversary without incurring any penalties. Repayments above this amount may incur break costs.
- Repayment certainty. The ING Fixed Rate home loan allows you to fix your interest rate for one to five years, giving you certainty that your home loan repayments won't change during the fixed term.
- Interest rate discounts. You may be eligible for an interest rate discount at the end of the fixed rate period if your Fixed Rate Home Loan reverts to the variable rate Mortgage Simplifier Home Loan.
- Free ATM withdrawals. You will be able to access funds from your account for free from ATMs across Australia with this loan.
- Repayment frequency. You can make fortnightly or monthly repayments on your home loan.
Fees
- Fixed rate lock-in fee. If you wish to lock the rate on your home loan using the lock-in feature, a $749 fee will apply.
- Application fee. This loan carries an application fee of $499 which goes into covering the documentation costs of the mortgage and setting up the loan account.
Note that if you split this loan with the Orange Advantage Home Loan in order to take advantage of the discounted rate, the application fee will be waived, and an annual fee will be charged.
How to apply for the ING Fixed Rate Home Loan
The whole application process should take about 20-25 minutes to complete. You will have to meet the following eligibility criteria before applying for the loan:
- Be over 18 years of age at the time of application.
- Be an Australian Citizen residing in the country.
The following information will also be required with your application:
- Personal details. This includes your name, address and contact information.
- Financial information. Provide information of your income, assets and liabilities.
After you’ve submitted all the necessary documentation, ING will contact you to ensure that the home loan you have chosen is suitable for your situation.
With competitive rates and the option to fix your mortgage for up to five years, the ING Fixed Rate Home Loan could offer a unique and cost-effective way to finance a home purchase. Learn more about what this mortgage could offer you and compare it to other home loans on finder.com.au.
Enquire about this home loan
I’m still a little confused about the LVR, if we are buying a property priced at $280,000 and dont have quite the 10% deposit, can we use a $20,000 deposit and get LMI? or is that not enough?
Hello Renee,
Thank you for your comment.
Please note that LVR stands for Loan to Value Ratio which is the percentage of the money you borrow for a home loan compared to the value of the property. It is used to assess your risk factor as a borrower. The lenders will calculate your LVR before deciding whether or to approve you for a home loan. The higher your LVR is, the more of a risk you may be to your lender.
For example, if you wish to purchase a $280,000 property and your deposit is $20,000 (which is less than 10%), your LVR will be more than 90%. Home loans which are over 80% LVR are considered high risk. As a result, most lenders will charge extra fees, such as Lender’s Mortgage Insurance (LMI), in order to protect themselves in case you default.
You may want to check our guide on home loans with 5% deposit. Before considering getting a loan with a 5% deposit calculate how much LMI will add to your costs. Compare the loan products and click the Go to Site button to apply. Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
You’re also best to get in touch with a mortgage broker so you can discuss options based on your needs.
Should you wish to have real-time answers to your questions, try our chat box on the lower right corner of our page.
Regards,
Jhezelyn
Does ING lend to buy investment property in Stansbury SA 5582?
Hi Fay,
Thanks for your question.
Generally, ING Direct offers home loan products for the purchase of properties around Australian, subject to their overall assessment.
You may also consider other fixed rate home loans on this page.
Alternatively, if you are looking for expert advice or help in finding a suitable loan option for your situation, you can also get in touch with a mortgage broker.
Cheers,
Anndy
What is the difference between Maximum LVR and Maximum Insured LVR for the product ING DIRECT Fixed Rate Home Loan.
Hi Serena,
Thank you for your enquiry.
The maximum insured LVR is the amount that you can borrow including the cost of lenders’ mortgage insurance (LMI) into the loan while maximum LVR does not include the cost of LMI. LMI is usually charged by lenders when you borrow more than 80% of the property value.
Cheers,
Jason